Consumer Financial Protection Bureau Outlines Mortgage Servicing Examination Strategy

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WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today outlined its initial approach to supervising mortgage servicers to ensure they comply with federal consumer financial protection laws.

“Mortgage servicing has a huge impact on consumers and is a priority for the CFPB,” said Raj Date, Special Advisor to the Secretary of the Treasury on the CFPB. “The mortgage servicing market has been bogged down by widespread reports of pervasive and profound consumer protection problems. We are going to take a close and measured look at whether servicers are following the law.”

Mortgage servicers typically are responsible for collecting payments from the mortgage borrower on behalf of the owner of that loan. They also typically handle customer service, escrow accounts, collections, loan modifications, and foreclosures on behalf of the owner of a mortgage loan. In the vast majority of cases, consumers do not choose their mortgage servicer. Mortgage servicing rights can be, and frequently are, bought and sold among servicers.

The Dodd-Frank Wall Street Reform and Consumer Protection Act gives the CFPB supervision authority over a large number of mortgage servicers, allowing the agency to assess whether the servicers are following the law. The Mortgage Servicing Examination Procedures released today by the CFPB describe the types of information that the agency’s examiners will gather to evaluate mortgage servicers’ policies and procedures, assess whether servicers are in compliance with applicable laws, and identify risks to consumers in servicing operations.

Reports by other federal agencies have indicated that, starting with the financial crisis and continuing to today, some servicers have failed to keep pace with an overall increase in mortgage delinquencies. Among other things, these reports found that some servicers lost important documentation, experienced well-publicized problems with foreclosure processing, and failed to communicate effectively with consumers — letting telephone calls routinely go unanswered. There have also been reports that, because of widespread delays and errors in the processing of transactions, some borrowers who qualify for loan modifications have not received them in time to stop foreclosure.

The CFPB will focus initially on loans in default where consumers are struggling to make payments. CFPB examiners will be looking to make sure that information provided to consumers about loan modifications and foreclosures is timely and transparent. For example, examiners will review:

  • The loan modification application process to make sure the servicer is providing information about alternatives to foreclosure that is accurate, prominent, and clear;
  • The process for referring a loan to foreclosure to confirm that the borrower is actually in default and all of the necessary records have been carefully reviewed; and
  • The fees charged to borrowers in default to make sure they are not duplicative or otherwise illegal.

The CFPB will be conducting examinations of mortgage servicing practices as part of its supervision program. The Mortgage Servicing Examination Procedures are a part of the more comprehensive CFPB Supervision and Examination Manual, also released today. The broader manual is the field guide for examiners to be used in supervising both depository institutions and other consumer financial services providers. The CFPB has authority to examine the more than 100 large banks, thrifts, and credit unions that have assets over $10 billion, and their affiliates. These institutions collectively hold a substantial majority of the banking industry’s assets.

Generally, CFPB supervision will be an ongoing process of pre-examination scoping and review of information, data analysis, onsite examinations, and regular communication with supervised entities and prudential regulators, as well as follow-up monitoring. When necessary, examiners will coordinate and work closely with CFPB’s enforcement staff to take appropriate enforcement actions to address harm to consumers.

Read the Mortgage Servicing Examination Procedures:

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ARuVR Becomes First XR Platform to Be Awarded ‘Accredited’ Provider Status by LPI

- ARuVR® awarded 'Accredited Learning Technologies' provider status for its enterprise-grade Extended Reality (XR) training platform - LPI recognises ARuVR® as forerunner in rapidly growing XR industry

ARuVR®, a multi-award-winning end-to-end Extended Reality (XR) training platform for enterprises, today announced that it has been awarded the status of Accredited Learning Technologies Provider by the LPI (Learning and Performance Institute), the leading global authority on workplace learning and development.

ARuVR® counts Coca-Cola, BT, Royal Air Force, Five Guys, ScotRail, NEOM, Amazon, and PWC among a rapidly growing international customer base and is the first and only XR provider on both the UK Government's CCS digital outcomes and specialists framework, and Crown G-Cloud-approved supplier lists. ARuVR® enables organisations to quickly and easily leverage the location-agnostic convenience and results-driven benefits of XR (Virtual and Augmented Reality) all from a single platform, to create and deliver immersive training programmes. 

ARuVR®'s LPI Accredited Learning Technologies Provider status recognises the company's dedication to high quality and process improvement in providing learning, development, and training services to clients. This accreditation covers the Extended, Augmented and Virtual Reality products and professional services supplied by ARuVR® to their clients on a worldwide basis. ARuVR® followed a rigorous and in-depth process and was assessed on several key performance indicators, including business integrity, client value proposition, delivery capability, quality and performance management, people development, and business stability. ARuVR®'s overall KPI score was near an outstanding 100% across all sections.

Edmund Monk, CEO of the LPI, said: "We have extremely high standards for accreditation, and we are proud to commend ARuVR on their achievement. We work with our accredited organisations to ensure that they not only meet our standards but that they continue to improve. This way, organisations can be confident that they are working with the best." 

The LPI is the foremost accreditation and membership body for the learning and development profession with a global reputation. The accreditation process employs a highly robust framework, developed over many years by learning experts and validated by data from thousands of organisations to measure, benchmark and improve the capability and performance of learning professionals and learning providers.

Frank Furnari, CEO & Founder, ARuVR®, said: "As the market for XR training solutions grows exponentially, we are delighted to be the first in the sector to achieve accreditation status by the LPI. We are committed to providing our global clients with not only the highest levels of quality and service but also to bring AR and VR to the training industry, in a way in which any organisation can embrace and benefit from."

Contact Information:
Andrew Durkin
0044 7887998407

Original Source: ARuVR Becomes First XR Platform to Be Awarded 'Accredited' Provider Status by LPI

Keen’s Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season

"RJ is an incredibly talented rider, and we have no doubt that he has what it takes to bring home the championship this year," Keen stated.

Keen’s Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season
RJ Hampshire #24

RJ Hampshire, Kicking off the 2023 Pro Motocross Championship Season with Keens Buildings and the Rockstar Energy Husqvarna Factory Racing Team

Keen's Buildings, a leading provider of high-quality storage solutions, is thrilled to announce the extension of their partnership with RJ Hampshire #24 for the upcoming 2023 Pro Motocross Championship season. RJ Hampshire, an accomplished rider representing the Rockstar Energy Husqvarna Factory Racing Team, has proven to be an outstanding brand ambassador for Keen's Buildings.

Kevin Keen, CEO of Keen's Buildings, expressed his excitement about the continued collaboration with RJ Hampshire. "We are excited to extend our partnership with RJ for the 2023 Pro Motocross season," said Keen. "RJ has been an incredible asset to our brand, and we are confident in his abilities to excel on the track."

As a prominent figure in the motocross industry, RJ Hampshire has showcased immense talent, determination, and sportsmanship throughout his career. His achievements on the track and his dedication to his craft align perfectly with Keen's Buildings' values and commitment to excellence.

The partnership between Keen's Buildings and RJ Hampshire has proven to be mutually beneficial. It not only highlights the shared passion for motorsports but also underscores the importance of quality, durability, and reliability - qualities that both Keen's Buildings and RJ Hampshire embody.

With the 2023 Pro Motocross season on the horizon, Keen's Buildings and RJ Hampshire are eager to pursue their shared goal of championship success. Kevin Keen has expressed his confidence in RJ's abilities and believes that "RJ is an incredibly talented rider, and we have no doubt that he has what it takes to bring home the championship this year," Keen stated.

The 2023 Pro Motocross Championship, Race Schedule kicks off tomorrow, May 27, 2003, at the Fox Raceway in Pala, CA.

The extended partnership between Keen's Buildings and RJ Hampshire signifies the continued commitment to excellence and the shared vision of pushing boundaries and achieving greatness in the world of motocross.

About Keen's Buildings:

Keen's Buildings is a trusted provider of high-quality storage sheds, metal garages, carports and steel buildings, offering customized solutions to meet diverse storage needs. With over 75,000 installs and an unwavering commitment to craftsmanship, durability, and customer satisfaction, Keen's Buildings has established itself as a leading name in the industry.

About RJ Hampshire:

RJ Hampshire, representing the Rockstar Energy Husqvarna Factory Racing Team, is a highly talented and respected motocross athlete. With an impressive track record and a relentless drive for success, RJ has established himself as a prominent figure in the sport.

Contact Information:
Craig Heineman
(386) 364-7995

Original Source: Keen's Buildings Extends Partnership With RJ Hampshire for the 2023 Pro Motocross Season
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